5 Steps to Successfully Apply for a Personal Loan

person using phone for Loan app

Do you need a personal loan? You are not alone. You can get a loan today by approaching a financial institution such as ICICI Bank or using a loan app manageable on your mobile device. You can obtain your desired loan amount within the next few minutes if you meet the eligibility criteria set by a lender.

Below are five steps to apply for and obtain the personal loan you need:

1. Speak to ICICI or Download a Loan App

Contact ICICI Bank or any financial institution and ask for a personal loan. Some financial institutions may require you to have an existing savings account before applying for a loan. You can also download the banking app to apply for a personal loan without any difficulty.

2. Review the Terms and Conditions

Review and accept all the terms and conditions of the loan to proceed with your application. The terms of your loan will cover the loan amount, applicable interest rate, tenure of repayment, methods of repayment, and late payment or violation fees.

3. Fulfill the Eligibility Requirements

Fulfil the eligibility requirements by providing all required documentation, including your date of birth, credit score, government-issued ID, PAN/Aadhaar card, previous bank statement, proof of income, valid residential address, and other verification requirements.

4. Submit or Upload All Requirements

Submit all the needed documentation if you complete a loan form at a physical branch. But you can upload all the requirements if you are applying through an online form. You only need to scan the documents and upload them into the required fields and then click on Submit to have it sent to your lender.

5. Access Your Loan

If your loan is approved, the bank proceeds with disbursal. If you apply through a mobile app, disbursal happens to a wallet you can transfer to and eventually withdraw from your bank account.

You must ensure that you repay your loan as when due to avoid penalty fees and a hit on your credit score. If you cannot repay the entire amount in full, consult your lender to know the safe amount to clear as a minimum due to keep your account in good repute. Be sure to take out a personal loan when it is necessary and when you have reliable means to repay.

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